The Slovenian Sovereign Holding (SDH), which acts on behalf of the State, sold 1,999,999 shares of NLB (representing a 10% stake in the bank) through an accelerated book building process yesterday.

The sale price for GDRs was GBP 10.95 while shares were sold at EUR 54.75. When compared to yesterday’s closing price this represents a 6% discount. One should note that the whole process was done under a veil of secrecy as no prior announcement regarding the bookbuild was released. As a result, the process seemed more like a private placement which left many local investors, who failed to participate, feeling bitter.

Note that the sale was done due to the Government’s obligation to reduce their share in the company down to 25% + 1 share, as stated by the European Commission.

Due to the lack of publicly available information, we are unable to provide more detail but will continue to carefully monitor the situation, and report on any new development.

As a reminder, NLB IPOed back in November of 2018 with a price of EUR 51.50 per share (EUR 10.30 per GDR, with 5 GDRs representing 1 share), putting the valuation at 0.67x P/B.

The mentioned program will include a buyback of maximum 1.64m shares or up to HRK 900m and should end by 19 June 2020.  

Adris published a document stating that they are launching a share buyback program starting today. The mentioned program will include a buyback of maximum 1.64m shares or up to HRK 900m, while the company is entitled to acquire up to 10% of their share capital.  

The share price at which Adris will be concluding the buyback should not exceed or be lower than 10% of the average market price of the previous day. The buyback program should end by 19 June 2020.  

It is worth noting that this is a continuation of the buyback program following up a program which started in March 2018 and ended on 16 June 2019.

We are proud to state that, once again, Adris’ share buyback program will be conducted by InterCapital Securities.

Note that Adris currently owns 106.160 of regular shares, representing 1.1% of shares and 331,488 of preferred shares, representing 4.88% of shares. Combined the company owns 437,648 of treasury shares, which represents 2.66% of their share capital.

As a reminder, in February, the company concluded a share buyback program in form of book building worth HRK 58m, which you can read more about here. The mentioned share buyback tender lasted from 15 till 25 February.

To read our blog on share buybacks click here.

At the current share price, dividend yield is 2.2%. Note that the proposed ex-dividend date is 17 July 2019.

Podravka held the General Assembly in which the shareholders approved HRK 64.1m to be paid out as a dividend to their shareholders. The dividend would be paid out from the company’s 2018 net income and would translate to HRK 9 per share. The dividend per share represents an increase of 29% YoY.

At the current share price, dividend yield is 2.2%. Note that the proposed ex-dividend date is 17 July 2019.

In the graphs below, we are bringing you a historical overview of the company’s dividend per share and dividend yield.

When observing the share price performance since 2016, one can observe that the share price observed an increase of 42.1%. Meanwhile, when observing the total return (the return an investor would have made had he invested all the dividends back into the shares) in the same period, one can notice an increase of 51.3%.

Share Price Performance vs Total Return (2019 – 18.06.2019)